As oil majors cast shale nets, Texas oilman Sheffield made Pioneer the prized catch
© Reuters. FILE PHOTO: Scott Sheffield, Chairman and Chief Executive Officer of Pioneer Natural Resources Company, speaks to guests and investors during the OGIS conference for mid- and small-tier oil and gas companies in New York, April 8, 2014. REUTERS/Eduardo Mu
"Scott is a huge competitor. That's what drives him. It's about being competitive with his peer group," said the younger Sheffield, one of five siblings and co-managing partner at investment firm Formentera Partners. Sheffield retired two decades later but returned as CEO in 2019 after the company overspent and overpromised investors.processing, oilfield services and South Texas shale assets on the block. Those generated about $1 billion in cash to buy rivals.
In comments after the deal was disclosed, Sheffield and Exxon CEO Darren Woods said they agreed to terms of a sale two weeks after the pair first sat down to negotiate.
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As oil majors cast shale nets, Texas oilman Sheffield made Pioneer the prized catchFour years ago, Texas oilman Scott Sheffield saw the oil majors were moving aggressively into the top U.S. shale basin and plotted to make his then-$24 billion Pioneer Natural Resources (PXD.N) the oilfield's biggest prize.
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